Carlyle set to exit Otor

The transaction would involve the sale of 94.75% of the share capital of Otor, which Carlyle acquired in 2005. In addition, shares retained by Otor's chairman would also be sold to DS Smith, which would then control more than 95.00% of the company.

DS Smith has offered €8.97 per Otor share, which would value the company at €247m, including a €47m debt. Following completion of the transaction by the end of 2010, DS Smith intends to launch an offer for the remaining listed shares.

Otor is a French corrugated cardboard packaging manufacturer, operating six corrugated box plants, three specialty sheet plants, two paper mills and one packaging machine unit. Floated on NYSE Alternext Paris in 1998, it posted revenues of €315m in 2009.

 

 

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